The closest company to make high-speed “hyperloop” travel a reality just attracted one of the world’s biggest entrepreneurs. Virgin Group, led by founder Richard Branson, recently participated in an $85 million round of funding for the high-tech transportation start-up that closed last month. Though the amount that Branson’s company contributed remains undisclosed, it was significant enough to initiate a full rebrand of the company: going forward, the company with a $700 million valuation will be known as Virgin Hyperloop One. Branson will also sit on the three-year-old company’s board of directors.

With the merger between Virgin America and Alaska Airlines less than a year old, it’s clear that Branson didn’t want to wait long to find his next transportation play. “We have long been passionate about innovation in transport,” Branson said in a statement, adding that “we’re incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers’ lives.”

Virgin Hyperloop One is the company closest to turning Elon Musk’s vision of a propulsion-based system that moves passengers and freight through a low-pressure tube at speeds that could reach up to 670 miles per hour. This summer, a Hyperloop pod successfully traveled down a 500 meter test track, accelerating to 190 miles per hour before coming to a safe stop. Early signs are promising, but there’s still much work to be done before a Hyperloop pod can travel from London to Edinburgh in under an hour as Branson envisions.

But if anyone is up to the challenge of changing how the world moves, it’s Branson and Virgin Hyperloop One President of Engineering Josh Giegel, who previously partnered on space tourism company Virgin Galactic back in 2004. With Branson touting “exciting projects in the Middle East, Europe, India, Canada, and the U.S.,” it looks like Virgin is all-in on turning this fantastical method of transportation into a reality.

FOLLOW US

Use of this site constitutes acceptance of our User Agreement (effective 1/2/2014) and Privacy Policy (effective 1/2/2014). Architectural Digest may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Your California Privacy Rights (effective 1/2/2014). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Condé Nast.